African Development Bank to lend $1.6 billion to Egypt by 2005

A delegation representing the African Development Bank is scheduled to visit Cairo in the near future, reported Al Hayat. The delegation will discuss a new strategy of developing the Egyptian economy

A delegation representing the African Development Bank is scheduled to visit Cairo in the near future, reported Al Hayat. The delegation will discuss a new strategy of developing the Egyptian economy through human resource development, private sector development and infrastructure financing. The African Development Bank decided to grant a $1.6 billion loan package to Egypt, to be distributed by 2005. The Bank also stated that it is ready to award $500 million in urgent aid to Egypt to overcome the negative economic impacts of the September 11. — (menareport.com)